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Perth Mining Financier Sees Lower Iron Ore Contract Prices Ahead
May 12th
Perth mining financier sees lower iron ore contract prices ahead
One of the leading figures in mid-tier iron ore production in Western Australia, George Jones, believes the big price pushes by the big three – Rio Tinto Ltd, BHP Billiton and Vale – will see a new order over the next 12 months – with contracts being negotiated with the Chinese (cnmining) at lower prices.
The announcement by major Pilbara iron ore exporter Rio Tinto that it would be cutting its production by 10% is expected to be a forerunner of tougher negotiations with Chinese and other Asian steel mills taking the lead.
George Jones who was involved with eastern wheatbelt iron ore miner Portman Mining – taken over by American iron and steel company Cliffs Mining – and now is chairman of Gindalbie Metals Ltd. Earlier this month Gindalbie (ASX: GBG) announced it would raise $A162 million ($US112.5 M) through its joint venture partner AnSteel of China to complete project development financing for the Karara iron ore-magnetite project in Western Australia’s mid north. This would involve a placement of 190,658,824 shares at A85c/share, a 105% premium to the last October quoted price. The last ASX trade today was at A44¢.
On ABC television news tonight Jones said in a brief interview that the high prices sought and gained in the past two years by the majors were now rebounding.
Also today, Australia’s third largest miner OZ Minerals Ltd (ASX: OZL) warned that it was undertaking a “thorough review of all capital and operational expenditures.”
While the company was now commissioning the big Prominent Hill copper-gold mine in South Australia’s far north and is preparing to commission its second autoclave for the Sepon copper plant in Laos “the timing and structure of all other projects is under review.
Managing Director Andrew Michelmore said: “OZ Minerals is in the fortunate position of having a healthy balance sheet, a good cash position and an enviable suite of projects that underwrite the future growth of the Company.”
The picture being painted in the business media in Australia is getting more sobering by the day. This morning’s The Australian newspaper cited reported sackings since early August and the indications in Perth’s stockbroking quarters and the mining hub of West Perth shows job fallout has been more substantial.
The reported job culls include 150 by laterite nickel-cobalt miner and refiner Minara Resources Ltd (ASX: MRE) with another 50 to go, Perilya Ltd (ASX: PEM) cut 440 jobs in Broken Hill, Mt Gibson Iron Ltd (ASX: MGX) will drop one-third of its workforce on iron ore operations in WA, the now European-controlled, Consolidated Minerals has cut jobs at its nickel mining operations at Kambalda and late last week CBH Resources Ltd (ASX: CBH) added 118 job cuts to the 220 dropped in June at its Endeavour lead-zinc-silver mine near Cobar in New South Wales.
http://www.cnmining.org/news/?id=330
Australian Mining Exports to China
May 11th
Australia’s economy has been buffered from the Global Financial Crisis due to our strong exports to China. With Chinese Steel manufacturers starting to run at a loss, will we see a slow down in our exports to China?
China Iron Ores Mining Industry
May 11th
Provides key data and concise analyses, presents a comparative analysis on the development of iron ores mining industry in 31 provincial regions and 20 major cities in visualized form of data map. The report also includes a list of top 100 enterprises in the sector and the comparison on investment environment in top 10 hot regions. In addition, the report truly reflects the position of foreign enterprises in this industry across China based on a comprehensive comparison of operating conditions among different enterprise types. Furthermore, this is the first report to adopt ISIC (International Standard Industrial Classification of All Economic Activities) in classification of Chinese enterprises, corresponding to the reading habit of international readers, and it is also very helpful for readers to make a comparison on the development condition and investment potential of iron ores mining industry in China with that in other countries.
Additionally, by original creation of ZEEFER Industry Distribution Index, the report directly shows the difference in various regions of Mainland China in terms of iron ores mining industry, providing an important reference for investors’ selection of target regions to make investment.
What will you get from this report?
- To get a comprehensive picture on distribution of and difference in performance in regions of Mainland China in terms of the iron ores mining industry;
- To figure out the hot regions in China for iron ores mining industry, find out the potential provinces and cities suitable for investment as well as the economic development level and investment environment in these regions;
- To get a clear picture on the overall development, industry size and growth trend of iron ores mining industry across China in the past 3 years;
- To get a clear picture on development status of foreign enterprises, state-owned enterprises, and private enterprises in recent years as well as the industry position of the above ownerships;
- Based on adoption of the global uniform industry classification standard – ISIC, the report enables you to make a direct comparison of China iron ores mining industry with parallel industry in other countries;
- Present you with a list of top 100 enterprises inside the industry in terms of the sales revenue
For more information please visit:
http://www.aarkstore.com/reports/China-Iron-Ores-Mining-Industry-Profile-ISIC1310-40447.html
PH.NO. 919272852585
Iron Ore Exploration & Mining
May 11th
Iron ore are huge rocks from which metallic iron can be extracted. These ores rich in iron oxide and are in various colors such as dark grey, bright yellow, deep blue to rusty red. Iron ore mining methods differs from the type of ore to be mined. Magnetite mined from it is the most useful part in iron concentration.
Rachana Global is such a group who has proficiency as well as know-how of exploring the new areas of natural resources and mineral mining. Rachana Global is been one of the oldest player in natural resources exploration and mineral mining.
Rachana Global has identified the iron ore minerals in the region of Nampula province in northern Mozambique. The group conducted a test which has shown the possibility of producing iron of marketable grade through magnetic separation. Iron ore plays an important role in extraction of iron which is the most commonly used metal in the world.
The iron ore reserves are in plenty in the world mines but the current consumption states that the reserves would get depleted within few years. It is argued that iron ore is the most integral part of global economy than other mineral.
Iron ore is a large volume, low margin business, as it requires major investment in infrastructure. This is the reason that the exploration and mining is in the hands of few major players only. From these few players Rachana global plays an important role in iron ore exploration and mining with its iron ore technologists.
Rachana Global always finds out new avenues to dig up to achieve commercial success. It has always come up with varied innovative products and services. “Growth Lies in Undying Dedication” this is where Rachana Global believes in. Creating growth is their single aim and harnessing natural resources is their sole responsibility.
For further details you can visit http://www.rachanaglobal.com/iron-ore.htm .
Chinese Firm to Make $2.6bn Investment in Iron Ore Mining
May 11th
Chinese firm to make $2.6bn investment in Liberian iron ore mining
China Union intends to spend US$2.6bn to bring the Bong iron ore deposit to production within two years, and will also recondition the capital’s port and build a hydro power plant.
A Chinese firm will make the biggest ever investment in Liberia when it signs a $2.6 billion iron ore deal in January, the West African nation says.
The 25-year project to be undertaken by China Union <000036.SZ> will directly and indirectly create 18,000 jobs, and give Liberia an immediate cash boost of $40 million on signature.
“This is the biggest investment in our country’s history,” Richard Tolbert, Chairman of the National Investment Commission, told Reuters late on Monday.
The deal, which beat nine rival bids, will trump the world’s largest steelmaker, ArcelorMittal which is spending $1.5 billion in Liberia, also on iron ore.
Many firms have scaled back or postponed African mining projects as metals prices have crashed in the past six months, and most analysts believe a severe global recession will cut demand for industrial minerals for years to come.
Tolbert said the timing of the Chinese investment was a vote of confidence in Liberia.
“In the midst of the global financial crisis … this is really a significant sign of the attractiveness of Liberia,” Tolbert said.
SIGNATURE BONUS
Before its 1989-2003 civil war, Liberia was the world’s fifth largest producer of iron ore, and foreign investment in the mineral is a centrepiece of President Ellen Johnson-Sirleaf’s stratgegy of economic rebuilding.
China(cnmining) Union intends to bring the Bong deposit, to the north-west of capital Monrovia, to production within two years, and will also recondition the capital’s port and build a hydro power plant to supply the city, Tolbert said. He did not give details of the overall size of the Bong deposit.
Part of the deal is a $40 million signature bonus to be paid to the government, Tolbert said. “This amount will go into the government treasury for development purposes,” he said.
A $300 million signature bonus paid by China National Petroleum Corp to Niger for an oil deal earlier this year drew criticism from rights groups, who said there was insufficient transparency on how it would be spent.
President Johnson-Sirleaf has promised zero tolerance of corruption. In September, Liberia disqualified two companies from bidding for another mining project on grounds of previous “acts of violation” by the firms.
As well as iron ore, Liberia aims to develop offshore oil. Anadarko Petroleum , Hong Kong Tongtai Petroleum, Repsol and Woodside have signed exploration deals.
Provided By: http://cnmining.org/
